Mid-life crisis: Why checking clients' death benefit nominations is crucial

Regular reviews are essential

clock • 5 min read

Death benefit changes have been a hot topic for advisers post-pension freedom. Here Mike Morrison explains why reviewing beneficiaries has never been more pressing...

There is no doubt that the biggest pension topic I had to deal with last year was the new death benefit rules and the ability to use them for IHT and estate planning. In discussing the new rules, the importance of reviewing the expression of wish/nomination form has been to the fore. In other words, making sure that the right beneficiary has been nominated. I was with one adviser recently and he advised me that two of the first cases that he had reviewed had the client's ex-spouse as the nominated beneficiary and had not been updated since the divorce. The new rules make it importa...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Administrators reach sale deal for PSG's Unity SIPP

Administrators reach sale deal for PSG's Unity SIPP

Scheme operated around 5,500 SIPPs

Jen Frost
clock 10 January 2025 • 2 min read
Pension predictions for 2025: IHT, 'mega funds' and targeted support

Pension predictions for 2025: IHT, 'mega funds' and targeted support

PA talks to retirement experts about what 2025 has in store

Jenna Brown
clock 09 January 2025 • 3 min read
Initial 900 SIPP clients transfer out of stricken Hartley Pensions

Initial 900 SIPP clients transfer out of stricken Hartley Pensions

Hartley went into administration in July 2022 over ‘toxic’ investments

Jenna Brown
clock 07 January 2025 • 1 min read